Dear All,
If a person received 81 Lacks After TDS Deducted Rs. 9 Lacks @ 10℅ of 90 Lacks Of Agriculture land acquisition by National Highway.
Than what is the scene of Income Tax on that.
Pls Reply.
If the land is aquired under RFCTLARR ACT , it is tax exempt.
If under old act, mostly it will be taxexempt, as per attached circular.
So, the amount deducted can be received back as refund, when IT return filed for the corresponding year.
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